Thursday, 23 January 2014

Mark Carney: No Need for an Immediate Rate Rise

Mark Carney, Canadian Governor of the Bank of England
THE DAILY TELEGRAPH: Bank of England governor seeks to reassure markets that interest rate rise is not imminent, saying he doesn't want to focus on one indicator

Bank of England Governor Mark Carney has pledged there will be no “immediate” increase in interest rates as unemployment nudges closer to the 7pc threshold in an apparent softening of his forward guidance policy.

He said Bank of England policymakers look at “overall conditions in the whole labour market”, rather than just one indicator, and that any change, when it comes, would be “very gradual”.

The governor, who said that the UK economy was "in a different place" to when he introduced the guidance, added: “We don’t see an immediate need to change monetary policy."

Asked if he would consider lowering the 7pc threshold, Mr Carney added: “There are a broad range of things we could do, I wouldn’t jump to that conclusion … we’re trying to get across is that it’s all about overall conditions in the labour market.

“We wouldn’t want to detract from that focus by unnecessarily focusing on one indicator.” » | Denise Roland | Thursday, January 23, 2014

My comment:

"No need for an immediate rise [in interest rates]" – Mark Carney

No, there is no need for him. He's sitting pretty with his huge salary and exorbitant expenses. The rest of us have to make ends meet from our savings. What a thoughtless, unreasonable man Carney is!

Never in my lifetime can I remember not being able to get interest on my capital that at least equates to the rate of inflation, and then some. Does this man have no sense of true capitalism? Does this man have no sense of economic history?

What an utter disappointment this Governor is! – © Mark

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